Economy, Inflations and Cost of Living Weigh on Pre-Retirees

There's more evidence that employees are nervous about not having enough to retire on.

According to the 2009 retirement confidence survey from the Employee Benefit Research Institute, workers who said they are very confident about having enough money for a comfortable retirement this year hit the lowest level in 2009 (13%) since the survey started asking the question in 1993, continuing a two-year decline.

The economy, inflation and cost of living increases are among the top concerns for their lack of confidence about retiring. As a result, 89% said that they have postponed retirement with the intention of increasing their financial security. The percentage of workers planning to work after they retire has increased to 72% in 2009, which is up from 66% in 2007.

For credit unions hoping to help members navigate their way through retirement, many surveyed said a company's reputation is very important when it comes to giving them confidence about their financial products (60% of workers and 59% of retirees). Other factors that were important in the selection process for both groups were investment performance, the company's credit rating and having a long-term relationship.

EBRI surveyed 1,001 workers and 256 retirees age 25 and older in the United States.